Foreclosure is a process no one wants to go through. However, for many homeowners that are struggling financially, foreclosure may be making an unwelcome appearance on the horizon. For some Michigan service members and veterans, there may be some good news. It has been reported that the state has allocated some funds to assist those suffering with the prospect of foreclosure.
A new state program has allocated $5 million to assist active service members and veterans in keeping their homes. The program is geared towards assisting those service members and veterans who have faced issues with keeping up with their mortgage since 2006. Surviving spouses of those military members who have passed away may also be eligible for relief.
State officials have stated that this relief is needed, as many service members’ deployment overseas has made it impossible for them to properly handle foreclosure proceedings. It was not made clear what criteria need to be met in order to be eligible for the relief. It is also not clear at this time when the program will officially start taking applications.
Given the struggles of many Michigan residents who have been greatly affected by the foreclosure crisis, any potential relief offered may be the hope they need to get back on track. Foreclosure may still be an unfortunate reality for many, but looking at all the options may reveal a course of action to confront outstanding financial problems once and for all. Only by understanding these options can an individual make the right decision for them and their family and move forward in the fashion that best fits their short and long term goals.
Source: The Morning Sun, “State to help vets, military members caught in foreclosure crisis,” May 8, 2013